The bitcoin (BTC) and cryptocurrency exchange, Coinbase, and the American banking giant, Citi (company to which the Citibank bank belongs), announced a collaboration this Monday, October 27. The alliance aims to develop solutions so that Citi’s institutional clients can use bitcoin digital currencies to make payments and manage their treasury on a global scale.
According to a statement published by Coinbase, the partnership will combine the exchange’s infrastructure for digital assets with Citi’s global payments network, which operates in 94 markets. The purpose is to create solutions that allow institutions operating on a large scale to integrate the use of digital currencies in your financial operations.
The joint work will focus on improving systems that allow institutions to convert funds between fiat money and digital assets, known as on- and off-ramps. Additionally, they will explore payment solutions that include the use of stablecoins and other infrastructure initiatives, in order to make these tools faster and available 24/7.
This collaboration is part of a growing trend of integration between traditional finance and the digital asset ecosystem. Both companies indicated that this alliance seeks to build the necessary infrastructure for the global economy to adopt solutions based on Bitcoin and cryptocurrency technology. More details on the tools resulting from this cooperation are expected to be shared in the coming months.
NoticiasVE had reported a couple of weeks ago that Citi is planning to launch bitcoin custody services.